Money Laundering And Technology

What is Money Laundering?


Money Laundering is a process of conversion illegal sources to a legal source. The purpose of criminals laundering money is to earn revenue from crime. Because they are legally acceptable before they can be used. Money laundering has become a major financial problem and crime today. Every year billions of dollars are illegally smuggled to international borders. Money Laundering has become a very important financial issue that authorities are trying to stop.


Prevention of Money Laundering with Technology

Technology doesn't always help good things. The methods used in financial crimes are increasing with the development of technology. Money laundering is usually carried out through financial systems. According to the data released, the money laundered during the year is between 2% and 5% of global GDP. Therefore, financial institutions have to prevent money laundering by using technology.  AML compliance software protects companies from financial crimes.


The government set out certain procedures to combat them. Sanctions such as fines are imposed on institutions that fail to comply with these procedures. Anti-Money Laundering (AML) refers to a set of procedures, regulations, and laws that prevent “laundering in of money from illegal activities such as illegal drug sales. AML is a complex issue for financial institutions. With the growth in the digital world, verifying user identity becomes increasingly difficult despite procedures. This facilitates money laundering. In the past, AML compliance processes have been complex and costly for organizations. Millions of transactions are carried out every day around the world and it is very difficult to track them all successfully. The solution to this important issue is compatibility software.


Artificial Intelligence reduces all these problems. Today, Compliance Software minimizes the risk of errors while keeping track of the compliance process of companies. Artificial intelligence scans all sanction lists instantly. So you don’t have to manually check the sanction lists. You can integrate this software into your system with API support. So you can control your customers’ sanctions instantly.


Sanction Scanner is an AI-driven AML compliance software. Sanction Scanner protects your business from money laundering. With our sanction screening services, you can check your customer in sanction lists. If you need something in this issue you can contact us here.

Previous Post
Artificial Intelligence and Anti-Money Laundering
Next Post
Foreign Account Tax Compliance Act (FATCA)